The Crown Resorts Ltd (ASX: CWN) share price is pushing higher on Monday morning after the release of an announcement.
At the time of writing, the casino and resorts operator’s shares are up 1% to $9.90.
What did Crown Resorts announce?
This morning Crown released an update on its operations in Melbourne. This follows an announcement by the Victorian Government at the weekend in relation to the easing of COVID-19 restrictions.
According to the release, the easing of restrictions means that gaming operations at its Crown Melbourne are about to get a whole lot busier.
Crown notes that the number of members of the public permitted at any one time is limited to 50% of the maximum capacity for the facility stated in the occupancy permit.
Furthermore, the number of members of the public permitted in each indoor space at any one time is limited by the density quotient of one person per four square metres.
Though, as always, physical distancing and hygiene protocols remain in place throughout its casino.
When are the changes due to take place?
Management advised that it expects to commence operating under the revised directions from this Wednesday.
It also revealed that it continues to engage with the Victorian Government in respect to the implementation of the directions.
What’s next for Crown?
With Crown Melbourne returning to relatively normal trading, all eyes will now be on the new Crown Sydney operation.
Last month it was prevented from opening its gaming operations due to money laundering concerns.
The New South Wales Independent Liquor and Gaming Authority (ILGA) intends to wait until it has seen the final report from an ongoing inquiry, which is due in February, before deciding whether to grant it a gaming licence in the state.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Here’s why the Crown (ASX:CWN) share price is pushing higher today appeared first on The Motley Fool Australia.
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